‘We’re all responsible for teaching kids about finance’

Published by Helen Knapman on 29 March 2018.
Last updated on 29 March 2018

Child playing with abacus

It’s the responsibility of all of us to ensure children are taught about personal finance, the results of a Monewise.co.uk poll reveal.

We asked whose responsibility it is to teach kids about finance in light of our campaign to Get financial education working.

Over half of those who responded (56%), said they believe this responsibility lies with a mixture of some or all of the following: education charities, financial providers, government campaigns, parents, guardians or other family members, and schools.

However, when singling out individuals or organisations, over a third (35%) felt that it is  parents, guardians and other family members who should be ensuring children understand money matters.

Fewer than one in 10 (7%) said that the main responsibility for financial education was schools, while 1% selected education charities and 1% selected ‘Other’.

No-one felt that it was the government or financial providers’ sole responsibility to ensure children are taught about financial issues.

Financial education has been on the nation curriculum as part of maths and citizenship since September 2014. But schools that don’t follow the national curriculum are not obliged to teach personal finance. This comes despite recent research by financial education charity MyBnk finding that more than half of parents polled (54%) wanted more time devoted to the subject and were happy to reduce the time spent on national curriculum subjects to achieve this.

See the full results of our poll below.

Enter Moneywise’s 2018 Personal Finance Teacher of the Year Competition

At Moneywise, financial education is a subject close to our hearts. We believe that educating personal finance management from a young age is essential. That is why we have teamed up with Foreign & Colonial Investment Trust to offer schools with the best personal finance teachers a share of £12,500 to spend on equipment. Teachers at both primary and secondary level in UK schools are eligible for the competition.

This year, the prize money pot is much greater than it was for the same awards last year. So we will be making separate awards to teachers at primary and secondary school level, splitting the £12,500 between the winners and runners-up in several categories.

To put forward your nominations, please email editor@moneywise.co.uk the name of the teacher(s) and the name and address of the school(s), plus your reasons for nominating them by 30 April 2018.

Personal finance teachers can also enter the awards directly by 30 April 2018. For an entry form, please click one of the following links:

Free Consultation: 5* Rated Financial Adviser

Advertisement
  • UK's no. 1 financial adviser rating site, 80,000+ client reviews
  • Enter your postcode to see the top 5 rated advisers near you
  • Search 5,000+ fully vetted financial advisers
  • Claim a free 1 hour consultation to clarify your options

 

Leave a comment

Just as important as personal

Just as important as personal finance, is the topic of public finance. It is amazing how many youngsters start work without knowledge of income tax, national insurance or other taxes that prop up our public funding. It might be argued that parents should teach this and many will do so, but if it was part of the national curriculum, it is more likely to be reliable and up to date. How many times have most adults needed to use quadratic equations compared with the numbers who pay taxes ?

It should be the parents duty

It should be the parents duty to teach their children from a young age about saving and later about bank accounts, overdrafts, credit cards, loans, mortgages, other forms of credit and insurances. Before a person can opens a current account or credit card they should have to prove they have received education to understand their responcibilities, maybe banks could fund courses on a Saturday morning for the young who could be given a certificate to prove they have received the training to open an account. Schools should teach about money and percentages in maths lessons but not really advise on banking and credit as many teachers have their own ideas on credit. I was brought up that you only bought what you had saved enough to pay for, no credit except for a mortgage on a family home, I would put very strict regulations on overdrafts, credit cards and taking out any credit agreement, go back to the days when we had to put down 25% or 33% deposit on any credit purchase and deposit must not be covered on a credit card. Teach them how to accept responcibility for their actions like we had to, me no understand is not acceptable as todays generation have access to the internet and social media to find out about these things which we never had.

new

I agree entirely with the

I agree entirely with the need for children to be taught about personal finance, which needs to include personal responsibility in the wider context. Unfortunately, too many follow the example of the huge number of feckless adults, including parents, who simply do not care about their own spending, let alone their kids' spending. As useful as the credit card might be for more sensible people, it can also be the scurge of others, who will not control their spending habits. These are the same people who would not have been able to get credit in the pre credit card era. But if so many parents are unable or unwilling to reign in their spending and reduce debt, just how can we expect them to teach their children the right way to do it. As I said before, we need schools to include this in the curriculum, as well as relying on parents, where appropriate.